Treasury Closing Summary: Treasury Closing Summary: The bond market skipped a beat on Thursday after the big biotech sell-off and Yemen air strikes the day prior was followed by "deceased feline" bounce on beaten down stocks, which recovered some poise back to roughly unchanged from deep overnight losses. Moderates Bullard and Lockhart continued to lean towards rate hikes, which may have resonated as well, giving the dollar a lift from lows even as crude oil remained well bid. Initial jobless claims sank and Markit services flash PMI gained. Into this volatile mix, the 7-year auction results were relatively poor, which set up Treasuries for a fall and postponed quarter-end dip buying and a relief rally.

No immediate Saudi plans for a ground operation No immediate Saudi plans for a ground operation launch in Yemen are imminent, though its forces are "ready if necessary", according to a Saudi military spokesman. This follow reports that ground forces were preparing to enter after the air strikes softened up their targets. Recall, earlier reports that the Houthi leader had been killed seemed to be at the nexus of the stock market rebound from lows. Saudis also said that the Houthis will be cut off from supplies (presumably from Iran) until the operation ends.

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U.S. equities have clawed back into the green U.S. equities have clawed back into the green though oil prices remain elevated and the dollar is on the rise again, which appear to be creating some headwinds along with the post-auction jump in bond yields. Yet investors of the high frequency and other varieties seem to be taking the inertial signals of the rebound in USD-JPY toward highs of 119.57 at face value for now. News that Saudi boots may follow air strikes on the ground in Yemen and that an all-Arab strike force in the region to intervene in regional security threats may keep uncertainty high, though this appears to keep U.S. involvement at arm's length in Yemen. Though the S&P 500 has managed to leap back above its 100-day m.a. at 2,057.3, it did crack a major trendline on the downside, drawn by connecting lows on a daily chart back to the major low on October 15 at 1,820.66.